In this final episode of Relative Return Insider for 2025, host Keith Ford and AMP chief economist Shane Oliver wrap-up the year, look ahead to 2026, and break down the most interesting numbers from the Mid-Year Economic and Fiscal Outlook.

The last 12 months was full of challenges and volatility, but for Oliver the most important takeaway has been the resilience of markets as they were buffeted with geopolitical tensions, inequality concerns, and speculation about an AI bubble.

Listen as they explore:

• Why the government should use its strong political position to pursue meaningful fiscal restraint.
• What the US Fed is likely to do in the face of patchy data due to the shutdown and a slowing but still-resilient labour market.
• Oliver's expectations for the coming year, including moderate growth, higher volatility and still-positive returns.